Morning business headlines: 10-11-13

Friday, October 11, 2013 11:07 AM

Wells Fargo profit up, mortgage banking down in third quarter

Reuters: "Wells Fargo & Co reported a 13 percent rise in third-quarter profit, but its mortgage banking income fell sharply as the refinancing boom began to fade. Net income applicable to common shareholders rose to $5.32 billion, or 99 cents per share, from $4.72 billion, or 88 cents per share, a year earlier."

Starbucks CEO starts petition to end government shutdown

CNNMoney: Starbucks Corp. called Thursday for leaders in Washington to resolve the ongoing fiscal crisis, announcing plans to offer a petition on the subject to customers at its thousands of locations across the U.S. In a letter posted on the Starbucks website, CEO Howard Schultz said Americans "have no platform with which to voice their frustration with Washington and the current stalemate that threatens our nation." The petition calls for lawmakers to "reopen our government to serve the people," "pay our debts on time to avoid another financial crisis" and "pass a bipartisan and comprehensive long-term budget deal by the end of the year." Earlier this week, Schultz called on his fellow chief executives to weigh in on the showdown in Washington.

September retail sales missed estimates

Bloomberg: Same-store sales for the more than 10 retailers tracked by Retail Metrics Inc. rose 2.3 percent last month, excluding results from drugstores. Analysts' had estimated a 3.4 percent gain, the researcher said. The lower-than-projected sales signal that consumers are still holding back spending amid higher taxes, uncertainty about the implementation of the Affordable Care Act and the partial shutdown of the federal government on Oct. 1.